The provision of financial education in Malta

Abstract

It is becoming evident that preparation for life requires more than developing the ability to read and write, manipulate figures, and become technologically savvy. The provision of holistic education also entails developing other forms of literacies, amongst which is the ability to empower individuals to manage personal finances and understand corporate and public financial decisions and outcomes. In the absence of such a preparation, students emerge out of compulsory schooling vulnerable to scams and untrained to manage personal wealth and plan ahead. Given that little local research has so far been undertaken to investigate this area, this paper is an attempt to stimulate discussion on financial education in Malta. It takes a close look at the local educational system and investigates access and content in this area provided by compulsory schooling. This paper employs content analysis of local and international official documentation to bring to the fore the urgent need for local research on the requisites to enhance the provisions of financial literacy. Further research into the levels of school leavers’ financial literacy and the quality of financial education is deemed crucial by this study to shed further light on the subject. This study emphasizes the lack of research in this important area, notwithstanding the fact that financial education is of direct interest to policy-makers, educators, and the business community.